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NTCM

Nine Ten Capital Management Portfolio holdings

AUM $315M
1-Year Est. Return 62.95%
This Fund
S&P 500
This Quarter Est. Return
+9.82%
1 Year Est. Return
+62.95%
3 Year Est. Return
+88.95%
5 Year Est. Return
+99.78%
10 Year Est. Return
+1,599.35%
AUM
$316M
AUM Growth
-$72.2M
Cap. Flow
-$77.5M
Cap. Flow %
-24.54%
Top 10 Hldgs %
100%
Holding
9
New
–
Increased
2
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
GPGI
GPGI Inc
GPGI
+$5.9M
2
MGNI icon
Magnite
MGNI
+$2.41M

Top Sells

Rank Stock Value
1
SPNS
Sapiens International
SPNS
+$49.4M
2
IRMD icon
iRadimed
IRMD
+$29.4M
3
RHLD
Resolute Holdings Management
RHLD
+$5M
4
SNEX icon
StoneX
SNEX
+$1.89M
5
WINA icon
Winmark
WINA
+$98K

Sector Composition

Rank Sector Weight
1 Technology 27.82%
2 Industrials 20.84%
3 Communication Services 15.43%
4 Healthcare 13.2%
5 Financials 11.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MGNI icon
1
Magnite
MGNI
$2.79B
$48.7M 15.43%
3,003,583
+145,000
+5% +$2.41M
GPGI
2
GPGI Inc
GPGI
$4.16B
$46.6M 14.77%
2,418,904
+295,592
+14% +$5.9M
CLBT icon
3
Cellebrite
CLBT
$3.76B
$44.7M 14.16%
2,479,727
– –
AGYS icon
4
Agilysys
AGYS
$3.24B
$43.2M 13.67%
363,239
– –
IRMD icon
5
iRadimed
IRMD
$1.23B
$41.7M 13.2%
428,477
-342,907
-44% -$29.4M
SNEX icon
6
StoneX
SNEX
$8.89B
$37.8M 11.97%
894,344
-45,000
-5% -$1.89M
WINA icon
7
Winmark
WINA
$1.23B
$33.9M 10.73%
83,671
-229
-0.3% -$98K
RHLD
8
Resolute Holdings Management
RHLD
$1.08B
$19.2M 6.08%
92,980
-33,797
-27% -$5M
SPNS
9
DELISTED
Sapiens International
SPNS
– –
-1,149,230
Closed -$49.4M

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Nine Ten Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Nine Ten Capital Management held 9 positions worth $316M, down 19% from $388M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Nine Ten Capital Management withdrew a net $77.5M in Q4 2025, closing 1 position and reducing 4 holdings. Its most notable exit was Sapiens International, an estimated $49.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 34% a quarter earlier, followed by Industrials and Communication Services.

Against the trend, Nine Ten Capital Management added an estimated $5.9M to GPGI Inc.

  • Nine Ten Capital Management added most to GPGI Inc in Q4 2025, an estimated $5.9M increase.
  • Nine Ten Capital Management's biggest Q4 2025 reduction was iRadimed, cutting an estimated $29.4M.
  • Nine Ten Capital Management fully exited Sapiens International in Q4 2025, selling an estimated $49.4M.
  • Nine Ten Capital Management's ten largest holdings make up 100% of its $316M portfolio in Q4 2025.
  • Nine Ten Capital Management opened 0 new positions and closed 1 in Q4 2025.
  • Nine Ten Capital Management's portfolio value fell 19% quarter-over-quarter to $316M.

Based on Nine Ten Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.